The global automotive Steer-By-Wire (SbW) system market is witnessing growth due to various factors such as increased inclination towards autonomous driving, introduction of green fuel vehicles, and increased demand for safety of vehicles and the need for advanced safety features in vehicles.
Portland, OR, May 15, 2023 (GLOBE NEWSWIRE) — Allied Market Research released a report, titled, “Automotive steering-by-wire (SbW) market. By Component (Steering Actuator, Feedback Motor, Angle Sensors, Others), By Propulsion Type (Internal Combustion Engine, Electric), By Vehicle Type (Passenger Cars, Commercial Vehicles): Global Opportunity Analysis and Forecast of the industry, 2021-2031″. According to the report, the global market for automotive power steering systems was valued at USD 2.7 billion in 2021 and is expected to reach USD 5.8 billion by 2031, registering a CAGR of 8.5% from 2022 in 2031.
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Main determinants of growth
The global Automotive Steer-By-Wire System market is witnessing growth due to various factors such as an increased concern about vehicle safety and efficiency, increased demand for advanced driver assistance systems (ADAS), and increased adoption of electric and autonomous vehicles. However, high maintenance costs and reluctance to adopt are hindering the growth of the automotive power steering system market. On the contrary, increasing demand for more advanced and efficient steering systems in the automobile industry and the advantage for the disabled and the elderly are expected to provide lucrative opportunities for market expansion of automotive power steering systems during the forecast period. .
SbW Automotive Market Report Coverage and Details:
|
Forecast period |
2022–2031 |
|
base year |
2021 |
|
Market size in 2021 |
2.7 billion dollars |
|
Market size in 2031 |
5.8 billion dollars |
|
CAGR |
8.5% |
|
Number of pages in the report |
264 |
|
Segments covered |
Component, type of propulsion, type of vehicle and region. |
|
drivers |
Increased concerns about vehicle safety and efficiency Increasing demand for advanced driver assistance system (ADAS) Increased adoption of electric and autonomous vehicles |
|
restrictions |
High maintenance cost Reluctance to adopt |
|
opportunities |
Increasing demand for more advanced and efficient steering systems in the automotive industry Benefits for people with disabilities and the elderly |
Covid-19 scenario
The COVID-19 pandemic had a significant impact on the global automotive industry, including the steering-by-wire market.
During the pandemic, demand for new cars dropped significantly as people were less likely to make large purchases due to economic uncertainty and lockdown restrictions.
However, despite these challenges, the market for steer-by-wire systems is expected to grow in the coming years as the technology offers numerous benefits such as better fuel efficiency, reduced vehicle weight and a better driving experience. improved
The steering actuator segment gained the largest share in 2021
Based on component, the steering actuator segment held the highest market share in 2021, accounting for around one-third of the global automotive power steering system market revenue. This is because steering actuators have a larger application in the vehicle steering system. However, the angle sensors segment is expected to dominate the market in terms of revenue and is projected to exhibit the highest CAGR of 10.0% from 2022 to 2031. The angle sensor is a critical component in automotive steering-by-wire systems, providing the necessary feedback to the electrical control unit (ECU). to control the steering actuator and ensure safety. and efficient management.
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The internal combustion engine (ICE) segment to maintain its leading status throughout the forecast period
Based on type of propulsionthe internal combustion engine (ICE) segment held the highest market share in 2021, accounting for more what half of the global automotive power steering system market revenue. This is due to the fact that ICE vehicles require a power steering pump to provide the necessary hydraulic pressure for the steering system. However, the electric segment andexpected to rule throughout the forecast period and is expected to exhibit the highest CAGR of 10.7% from 2022 to 2031. Growth is attributed to the increasing inclination of electric vehicles equipped with advanced components worldwide.
The passenger car segment to maintain its leading position during the forecast period
Based on type of vehiclethe passenger car segment accounted for the largest share in 2021, contributing more than two-thirds of the revenue of the global automotive power steering system market. and is expected to maintain its leading position during the forecast period. This is because passenger cars find a wider application of automotive steering-by-wire systems. However, the commercial vehicle segment is expected to account for the largest CAGR of 9.8% from 2022 to 2031. This is due to higher demand for installation of advanced features in vehicles that ensure a more driving soft and safe, as well as help reduce weight. of the vehicle to a much greater extent.
Asia-Pacific will maintain its dominance in 2031
Based on regionAsia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than half of the global automotive power steering system market revenue, and is likely to dominate the market during the forecast period. The growth is attributed to increased demand for more advanced and efficient steering systems in the automotive industry. However, the Europe region is expected to witness the fastest CAGR of 10.0% from 2022 to 2031, due to increasing adoption of automotive power steering system in new vehicles which has been released in this region.
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The key market Players analyzed in the global automotive power steering systems market include Continental AG, Danfoss A/S, Hitachi Astemo, JTEKT Corporation, Mando Corporation, Nexteer Automotive Corporation, Robert Bosch GmbH, Schaeffler AG, Thyssenkrupp AG and ZF Friedrichshafen. These players have adopted various strategies such as new product launches, collaborations, expansion, joint ventures, agreements and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting the business performance, operating segments, product portfolio and strategic moves of the market players to display the competitive scenario.
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